NEW YORK–(BUSINESS WIRE)–Van de Wetering Greenhouses, Inc. (the “Company”) announced today that its real property affiliate has sold its 34-acre cultivation site in Riverhead, New York to Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care”), one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services in the U.S. In addition, VDW has entered into a multi-year lease with Columbia Care for the continued operation of its state-of-the-art greenhouses on the site. Columbia Care will also operate on the site and the first planned harvest for Columbia Care’s medical cannabis program is expected in Q4 2021, pending regulatory approvals.
“This is an incredible opportunity for Van de Wetering Greenhouses and every one of our constituents, including our dedicated workforce, long-standing customers and the local community,” said Walter Gravagna, Van de Wetering Greenhouses owner and President. “This transaction allows us to continue servicing our customers while transitioning production space over to cannabis as the market demand increases. We are very excited to work with Columbia Care who is already our neighbor in Riverhead where one of its four medical cannabis dispensaries is located.”
Rubin Capital Corp. and GT Securities, Inc. acted as the Company’s exclusive financial advisors and investment bankers for the transaction.
RELATED NEWS: Columbia Care Press Release
Caution Concerning Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. The Company has made assumptions with regard to the transaction, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information.